(The Canadian Press)

B.C. home sales to slide 23% this year, rise next year: real estate group

Strong labour force, GDP expected to keep market strong

Home sales are expected to dip by 23 per cent this year before rising 12 per cent next year, according to the fourth quarter forecast from the B.C. Real Estate Association.

The association said Thursday measures such as the mortgage stress test, as well as a recent Bank of Canada interest rate hike, will continue to slow the market well into 2019.

“However, continuing strong performance in the economy combined with favourable demographics is expected to push home sales above their 10-year average in 2019,” said the association’s chief economist, Cameron Muir.

Low unemployment, meanwhile, has kept demand for B.C.’s real estate high.

READ MORE: Buyers could take the reins in B.C.’s hot housing market: CMHC

It’s a trend the association expects to grow, with help from recent large investments like LNG Canada’s agreement to build an export terminal in Kitimat, as the labour force expands.

As millennials continue to move up in the job market, the organization expects they’ll keep buying condos, while retirees cash in their equity and move to retirement homes.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Ferry connecting Port Hardy and Bella Coola expected to set sail this summer

Its first in-service route will sail in central coast waters on May 18, 2019.

BC Parks Student Ranger Program accepting applications for 2019 season

12 crews of four student rangers will work in regions throughout the province including Bella Coola.

Over $650,00 given to rural communities thanks to Rural Dividends

Five communities, including Williams Lake, are receiving $10,000 for project grants

Pregnant Cariboo firefighter tries to save own house from blaze

Julia Flinton and Anthony Sellars both worked on the 2017 wildfires

Road report for Highway 20

Fog patches and slippery sections; Drive BC

VIDEO: U.S. Congress to probe whether Trump told lawyer Cohen to lie

At issue is a BuzzFeed News report that about negotiations over a Moscow real estate project

Charges upgraded against mother of murdered B.C. girl

Kerryann Lewis now faces first- rather than second-degree murder in the death of Aaliyah Rosa.

UPDATE: Injured firefighter in stable condition

Kelowna fire crews responded to a blaze at Pope’sGallery of BC Art & Photography on Friday

Rare ‘super blood wolf moon’ takes to the skies this Sunday

Celestial event happens only three times this century

Arrest made after historic B.C. church hit by arson

The fire at the 150-year-old Murray United Church in Merritt was considered a possible hate crime

B.C. dangerous offender in court for violating no-contact order, sends letter to victim

Wayne Belleville was shocked to see a letter addressed to him from his shooter, Ronald Teneycke

Man blames his loud car radio, sirens for crash with B.C. ambulance

Tribunal rejects bid to recoup ICBC costs after crash deemed 100-per-cent his fault

RECALL: Salmon Village maple salmon nuggets

Customers warned not to eat product due to possible Listeria contamination

More than 100,000 toxic toys named in Canada-wide recall

Plastic doll contains levels of phthalates over allowable limit and may pose chemical hazard

Most Read